Warren, Brown, Reed demand majority vote on Cordray nomination

Warren, Brown, Reed demand majority vote on Cordray nomination

by Joan McCarter

President Obama has renominated Richard Cordray to lead the Consumer Financial Protection Bureau, a nomination that Republicans again have vowed to block not because they have a problem with Cordray, but because they have a problem with the law the created the agency. They refuse to follow the normal legislative process for changing that law, so they're blowing up the Senate, instead. In return, Sens. Jack Reed (D-RI), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA) held a press conference Wednesday, demanding a majority vote for Cordray.

“Every year, hard-working American families lose millions of dollars to deceptive financial practices like hidden fees and predatory lending. The CFPB is there to help keep families from getting scammed. They are shining a spotlight on predatory loan practices and products—bringing them into the light, where they can be seen and stopped. We must not let opponents of Wall Street reform turn back the clock on consumer protection. <...>” said Senator Reed.

“The Consumer Financial Protection Bureau stands up for average Americans,” Senator Brown said. “And yet, Wall Street special interests and their allies in Congress have repeatedly refused to approve anyone to serve as the Director unless the agency’s authority is watered down. The American people are fed up with the obstructionism in Washington. We need to protect this agency that protects American families.”

“Under the leadership of Director Cordray, the CFPB has been making a real difference for hard working families everywhere. After two years, it is time for the Senate to give Rich Cordray a vote—up or down—and remove the uncertainty that is costly to families, to community banks and credit unions, and to everyone in financial services.” said Senator Warren. “Political stalemates don’t end in more government or less government, but in bad government—government that lacks the clarity and predictability that our businesses need to plan for the future, to serve their customers, and to create jobs.”

This comes with an announcement Wednesday from the CFPB that they were taking further efforts to work with financial institutions to make sure new mortage regulations are "understood, applied, and carried out evenly and effectively." That's what Republicans, on behalf of Wall Street, are fighting. They don't think consumers deserve an even playing field, particularly if it's going to eat into profits for the big banks. That's why they are stretching even their own limits of obstruction.

This is precisely the kind of action the filibuster reform agreement was supposed to put an end to. Senate Republicans are thumbing their noses at that agreement, at Harry Reid, and at the institution. The obvious response is for Reid to use his power to change the rules mid-session. Please sign our petition to Harry Reid, urging him to act on real filibuster reform.

3. yes, but Harry Reid has folded already. Results, Hagel may be blocked by a filibuster,

Allen seems to be hesitating to become NATO commander as he has to be confirmed in front of this madhouse that is the Armed Forces Committee, and Cordray is in trouble too, as Brennan and Lew may be (Cornyn brought Benghazi to the hearings this morning. Really relevant for a Secretary of Treasury).

10. just thinking

Wouldn't Sherrod Brown and Elizabeth Warren be the best progressive duo possible for the 2016 Presidential election? If we get busy, to stop the Gerrymandering this year, and therefore elect more dems to the House, creating the ability for Obama to get things done in in 2015 and 2016 to really improve our country and the political landscape, the country will be ripe for Progressives like Brown and Warren.

11. Guess it's a way to shame the Senate Republicans in public...

...otherwise, what good does it do? I don't know how Harry Reid can stand up and look in a camera lens and whine. Or how he can look at any Senate Democrat in the eye. I have no respect for Harry Reid anymore. And I feel so sorry for Sens Warren and Brown. Two wonderful Senators who would love to get something done, but can't because Harry didn't do what he had promised to do for so long. He gave everyone false hope for so long and then went back on his word.

13. Release: Reed, Brown, Warren Demand an Up or Down Vote on CFPB Director

WASHINGTON, DC – In an effort to protect consumers and crack down on financial fraud and abuse, U.S. Senators Jack Reed (D-RI), Sherrod Brown (D-OH), and Elizabeth Warren (D-MA) today called on Republicans to end unprecedented obstruction and allow an up or down vote on Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau (CFPB). Reed, Brown, and Warren, who are members of the Banking Committee, said that confirming a CFPB director will help consumers and strengthen our financial marketplace.

Congress created the CFPB in 2010 to help ensure the financial products and services that Americans depend on every day —including credit cards, mortgages, and loans—work better for the people who use them. But in an effort to limit the effectiveness of the consumer watchdog, a sufficient number of Senate Republicans have stalled the confirmation of the CFPB’s director, former Ohio Attorney General Richard Cordray. Earlier this month, 43 Republican Senators sent a letter protesting the CFPB’s independence and vowing to oppose any nominee to lead the consumer protection agency.

“Every year, hard-working American families lose millions of dollars to deceptive financial practices like hidden fees and predatory lending. The CFPB is there to help keep families from getting scammed. They are shining a spotlight on predatory loan practices and products -- bringing them into the light, where they can be seen and stopped. We must not let opponents of Wall Street reform turn back the clock on consumer protection. Instead of preventing the CFPB from doing its job, opponents of the agency should take an up or down vote. A well-regulated marketplace is good for the economy. It improves consumer and business confidence and ensures fair competition,” said Senator Reed.

“The Consumer Financial Protection Bureau stands up for average Americans,” Senator Brown said. “And yet, Wall Street special interests and their allies in Congress have repeatedly refused to approve anyone to serve as the Director unless the agency’s authority is watered down. The American people are fed up with the obstructionism in Washington. We need to protect this agency that protects American families.”

“Under the leadership of Director Cordray, the CFPB has been making a real difference for hard working families everywhere. After two years, it is time for the Senate to give Rich Cordray a vote--up or down--and remove the uncertainty that is costly to families, to community banks and credit unions, and to everyone in financial services.” said Senator Warren. “Political stalemates don’t end in more government or less government, but in bad government - government that lacks the clarity and predictability that our businesses need to plan for the future, to serve their customers, and to create jobs.”

Since the CFPB opened for business in 2011, it has helped hold financial institutions accountable for mistreating consumers and worked in coordination with our federal regulators to return roughly $425 million to consumers’ pockets. The agency’s Consumer Response center has already heard from more than 100,000 consumers with their individual problems related to their credit cards, mortgages, student loans, and bank accounts.